NIPL is focused on transforming payments across the globe with the use of technology and innovation. It will not only enable payment for Indians but also uplift other countries by enhancing their payment capabilities through technological assistance, consulting, and infrastructure
Table of Contents
Transaction from Greece to India
The signing of the MoU lays the foundation of an alliance in which both parties will interface with each other as a single point of contact to enable foreign inward remittance transactions from Greece to India.
NPCI International Payments Limited (NIPL), a subsidiary of the National Payments Corporation of India (NPCI), and leading Greek bank Eurobank signed a Memorandum of Understanding (MoU) towards enhancing cross-border payments using the UPI platform.
The announcement comes a week after Greek Prime Minister Kyriakos Mitsotakis visited India, where he held a bilateral meeting with his Indian counterpart Narendra Modi, among others. According to a joint press release issued on Thursday, the understanding aims to revolutionize the process of international money transfers with a special focus on streamlining remittances from Greece to India.
The MoU was signed at the Embassy of Greece in New Delhi by NIPL CEO Ritesh Shukla and Eurobank CEO Fokion Karavias in the presence of Greece’s Deputy Minister of Foreign Affairs Costas Fragogiannis, International Secretary General Myra Myrogianni. Sanjay Tugnait, Economic Affairs and Chairperson of Greece, Enterprise Greece, and President and CEO of Fairfax Digital Services.
The signing of the MOU lays the foundation of a strategic alliance in which both parties will interface with each other as a single point of contact to enable foreign inward remittance transactions from Greece to India. According to the release, this initiative will position Greece as one of the first European countries to enable Indian expatriates living in the country to make quick and seamless remittances to India using UPI Rail.
India, which has emerged as a leader in fintech innovation and digital public infrastructure, has emphasized sharing its development experiences and innovations with partner countries. UPI is India’s mobile-based fast payment system that allows customers to make instant payments around the clock using a virtual payment address (VPA) created by the customer.
HOW BROADLY UPI PAYMENT IS FAMOUS IN INDIA
The UPI payment system has become extremely popular for retail digital payments in India and is growing rapidly. In 2023, a record 100 billion transactions worth Rs 2 trillion were made through UPI.
In India everybody where we see there UPI payment is available. Whatever its place is like any shop or grocery store it is also available at markets.
1 thought on “NPCI International and Eurobank sign MoU to facilitate money remittances to India using UPI in 2024”